BAKU, Azerbaijan, December 4. In the first six months of 2023, Azerbaijan's state oil company SOCAR, generated a profit of 39 million manat from oilfield services, a significant turnaround from the 65 million manat loss reported in the same period in 2022, according to data published by the Central Bank, Trend reports.
Revenues from the oilfield services segment experienced a substantial increase, reaching 585 million manat compared to the previous year's 397 million manat, reflecting a 47.4 percent growth.
The company's overall income from the oil and gas sector amounted to 4.021 billion manat, with a profit of 1.789 billion manat. This represents a decrease of 17.7 percent in revenues and a 22.9 percent decline in profit compared to the same period in 2022 when revenues stood at 4.883 billion manat, and profit was 2.319 billion manat.
In the processing sector, SOCAR reported revenues of 2.299 billion manat and a loss of 811 million manat, contrasting with the previous year's figures of 3.744 billion manat in revenue and a profit of 1.199 billion manat.
SOCAR operates across diverse sectors, including oil and gas field exploration, extraction of oil, gas, and gas condensate, processing, and transportation. The company is actively involved in the distribution of oil and petrochemical products in both domestic and international markets. Notably, SOCAR plays a pivotal role in supplying natural gas to industrial enterprises and the general population of Azerbaijan, extending its services to Europe as well.
In addition to its operations in Azerbaijan, SOCAR is engaged in various international ventures in countries such as Türkiye, Georgia, Romania, Switzerland, Germany, and Ukraine. Furthermore, the company conducts significant trading operations primarily based in Switzerland, Singapore, and Nigeria.
Follow the author on X: @Lyaman_Zeyn